Types of progressive tax Video
Who pays the lowest taxes in the US?Types of progressive tax - for that
Personal Income Tax. Last update : Thursday, March 13, PIT for Married Couple. Tax Clearance Certificate. Rights and Duties of a Taxpayer. A person means an individual, an ordinary partnership, a non-juristic body of person and an undivided estate. In general, a person liable to PIT has to compute his tax liability, file tax return and pay tax, if any, accordingly on a calendar year basis. A resident of Thailand is liable to pay tax on income from sources in Thailand as well as on the portion of income from foreign sources that is brought into Thailand. A non-resident is, however, subject to tax only on income from sources in Thailand.
types of progressive tax
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A progressive tax takes a higher percentage of tax from people with higher incomes. It means that the more a person earns, the higher his average rate of tax will be. Progressive taxes make use of marginal tax rates. Income is taxed on the extra income earned, e. Capital gains and stamp duty. You could argue taxes like capital gains and stamp duty are progressive.
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Only people on high incomes will be buying expensive houses. In the UK, rates of stamp duty are also quite progressive.
VAT has an element of progressivity. People with higher incomes will spend more and therefore more info more VAT. VAT is also excluded from essential items like food. Though people on high incomes tend to save more, so as a proportion of income, VAT payments may be less than low-income people.
The opposite of a progressive tax is a regressive tax — a tax which takes a higher percentage of types of progressive tax from low-income earners. If taxes are too progressive, then people may face a disincentive for getting a better-paid job. Laffer curve analysis suggests that if marginal income tax increases too much, it may reduce the incentive to work.
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Completely agree. I think Margaret Thatcher blamed high taxes for the very high annual increases in salary for those at the top of the tree.
Well the higher rates of taxes disappeared and the rich now continue to enjoy annual increases — what is the excuse now? One thing the article omits is that progressive taxation helps dampen inflation. Fast rising high tech incomes coupled with low taxation of those incomes is causing causing costs for food, transportation and especially housing to skyrocket as high tech workers outbid everyone else for those necessities.
This makes the average rate Higher.]
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